The following is a partial trial balance for General Lighting Corporation as of December 31, 2011:
Account Title Debits Credits
Sales revenue 2,253,000
Rental revenue 85,500
Loss on sale of investments 27,500
Loss from flood damage (event is both unusual and infrequent) 128,250
Cost of goods sold 1,150,756
Loss from write-down of inventory due to obsolescence 277,500
Salaries expense 287,617
Depreciation expense 95,872
Interest expense 96,188
Rent expense 47,936
434,000 shares of common stock were outstanding throughout 2011. Income tax expense has not yet been accrued. The income tax rate is 25%.
Required:
(1)
Prepare a single-step income statement for 2011, including EPS disclosures. (Input all amounts as positive values except losses which should be indicated by a minus sign. Round EPS answers to 2 decimal places. Omit the "$" sign in your response.)
(2)
Prepare a multiple-step income statement for 2011, including EPS disclosures. (Input all amounts as positive values. Losses and expenses other than operating expenses should be indicated with a minus sign. Round EPS answers to 2 decimal places. Omit the "$" sign in your response.)
